The global Artificial Intelligence Market size is expected to
reach USD 1,811.8 billion by 2030, according to a new report by Grand View
Research, Inc. The market is anticipated to expand at a CAGR of 38.1% from 2022
to 2030. Artificial Intelligence (AI) denotes the concept and development of
computing systems capable of performing tasks customarily requiring human
assistance, such as decision-making, speech recognition, visual perception, and
language translation. AI uses algorithms to understand human speech, visually
recognize objects, and process information. These algorithms are used for data
processing, calculation, and automated reasoning.
Artificial intelligence researchers continuously
improve algorithms for various aspects, as conventional algorithms have
drawbacks regarding accuracy and efficiency. These advancements have led
manufacturers and technology developers to focus on developing standard
algorithms. Recently, several developments have been carried out for enhancing
artificial intelligence algorithms. For instance, in May 2020, International
Business Machines Corporation announced a wide range of new AI-powered services
and capabilities, namely IBM Watson AIOps, for enterprise automation. These
services are designed to help automate the IT infrastructures and make them
more resilient and cost reduction.
Various companies are implementing AI-based solutions
such as RPA (Robotic Process Automation) to enhance the process workflows to
handle and automate repetitive tasks. AI-based solutions are also being coupled
with the IoT (Internet of Things) to provide robust results for various
business processes. For Instance, Microsoft announced to invest USD 1
billion in OpenAI, a San Francisco-based company. The two businesses teamed up
to create AI supercomputing technology on Microsoft's Azure cloud.
The COVID – 19 pandemic has emerged as an opportunity
for AI-enabled computer systems to fight against the epidemic as several tech
companies are working on preventing, mitigating, and containing the virus. For
instance, LeewayHertz, a U.S.-based custom software development company, offers
technology solutions using AI tools and techniques, including the Face Mask
Detection System to identify individuals without a mask and the Human Presence
System to monitor patients remotely. Besides, Voxel51 Inc., a U.S.-based
artificial intelligence start-up, has developed Voxel51 PDI (Physical
Distancing Index) to measure the impact of the global pandemic on social
behavior across the world.
AI-powered computer platforms or solutions are being
used to fight against COVID – 19 in numerous applications, such as early
alerts, tracking and prediction, data dashboards, diagnosis and prognosis,
treatments and cures, and maintaining social control. Data dashboards that can
visualize the pandemic have emerged with the need for coronavirus tracking and
prediction. For instance, Microsoft Corporation's Bing's AI tracker gives a
global overview of the pandemic's current statistics.
Artificial Intelligence is becoming vital to big
data as the technology allows the extraction of high-level and complex
abstractions through a hierarchical learning process. The need for mining and
extraction of significant patterns from high-volume information is driving the
growth of artificial intelligence in big data analytics. Furthermore, the
technology helps overcome challenges associated with big data analytics, such
as the trustworthiness of data analysis, format variation of raw information,
highly distributed input sources, and imbalanced input data. Another challenge
includes a lack of efficient storage and poor information retrieval as it is
collected in large quantities and made available across numerous domains. These
challenges are overcome by using semantic indexing to facilitate comprehension
and knowledge discovery.
Related Press Release@ Artificial Intelligence Market Report
Artificial Intelligence Market
Report Highlights
- The advent of big data is expected to be the cause of the growth of
the market as a large volume of data is needed to be captured, stored, and
analyzed
- The increasing demand for image processing and identification is
expected to drive industry growth
- North America dominated the market and accounted for revenue share
of over 42.1% in 2021
- One of the significant concerns restraining industry growth is the
need for a large amount of data to train AI systems for character
and image recognition
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment